A group of high net worth individuals together with the SRV Group, a Finnish construction company, have set up a fund to invest in Russian a...

A group of high net worth individuals together with the SRV Group, a Finnish construction company, have set up a fund to invest in Russian and Baltic real estate markets. The fund, called Vicus, will be based in Finland and will be managed by the Finnish investment bank, Conventum.

Vicus anticipates making diversified long-term investments into real estate in Russia and the Baltic states. During the first three years, Vicus will allocate €100 million ($127 million) for purchases and development projects. SRV International, a subsidiary of SRV Group, will act as a consultant.

Vicus said in a statement that the company would target long-term investments in retail, logistics warehouse and industrial property.

The Vicus fund represents growing interest among high net worth individuals into Russian property. In March Fleming, Family & Partners, a London-based multi-family office, purchased an office and retail centre in Moscow. In two earlier acquisitions, FF&P Russia Real Estate fund bought a premier business centre and Switzerland's Eastern Property Holdings purchased the Berlin House office and retail centre, also in the Russian capital.